Category Archives: House Closing Documents

I was told the loan has funded and it is closed, but the broker I have told me they will not give me the money until I give them more paycheck stub to show I work enough hours to make my mortgage payments! How can they hold my money which I am paying interest on from me without all the house closing documents in then? or how could the loan even close without having received all of the house closing documents?

I am confused and mad about the money which I borrowed for a emergency here! The broker said I signed something agreeing for them to close the deal and wait for the money until I can prove I work enough hours to pay the mortgage, I am confused on how it closed and was already funded a week ago but they still need another document from me to give me my money, please help, is this legal?

My wife and I just purchased a house and are filing an amended return to get our stimulus payment of $8,000 now rather than waiting until next year. Our question is do we need to send in any of the house closing documents with our amended return to show proof that we purchased a house?

My title company is not providing me post house closing documents. Should I get a house closing lawyer involved?

I sold my house and the title company closed well over a month ago. I’m still waiting for final copies of the paperwork from the Title company. What I want are copies which were signed by both parties. I believe it is my right to have copies of these documents in my possession. I have tried calling the Title company. The person who processed my closing does not return my calls. I also left messages with the Title Operations Manager, and he is not returning my calls either. My Realtor’s office has also been calling on my behalf and they say the Title company is not returning their calls either. I’ve since moved out-of-state so walking in the front door and getting in someone’s face is not an option. Should I get an attorney at this point or should I wait a little longer?

A good house appraisal is the best reassurance that the lender won’t lose its pants on the transaction. If the borrower defaults, the lender still has a marketable property that can be sold to recoup its losses. All of which makes it understandable why lenders are so picky about appraisals. And with recent changes in the industry, the focus by lenders to obtain good appraisals is at the forefront.

House appraisals typically cost anywhere from $350 to $400. However, if the house is gigantic, multi-unit or in the boondocks, it could run more. The cost varies on property type, location and square footage.

The most common type of house appraisal is the Uniform Residential Appraisal Report (URAR). It consists of interior and exterior photos and sometimes (depending on the age of the home), a complete cost breakdown of the property and comps (comparison sales of homes nearby that meet the proper criteria). These comps help determine the “market” approach. Each comp sale is adjusted in value when stacked against the home being evaluated (the one you’re buying or refinancing). Usually you will see a comp below the value of your home, in line with the value of your home, and a third above the value of your home. Kind of like the three bears. But if the valuation gets tricky, you can see fourth, fifth and sixth comps. The net value of the comps is estimated based upon the approaches used to come up with the appraised value of your property (meaning the appraiser performs some type of calculation that’s kind of like an average, but not necessarily a true average. Confused yet?)

URARs also, typically but not always, reflect a cost approach, which determines what the value would be based upon what is estimated it would cost to rebuild the home, less depreciation. The final estimated value of the home is then determined by using a melding of the market approach described above and cost approach (if applicable).

Lori Babb, Staff Appraiser for Mortgage Investors Group of Knoxville, TN, further explains comparables. “The best comparables are those similar in size, style (ranch, basement rancher, 2 story, etc.), age, and are close in proximity to the dwelling being appraised,” she explains. “Unique properties will typically require more adjustments than the average properties.”

So, say you’re Bill Gates and want to secure a mortgage on a $200,000 home (I know, it’s ridiculous, but I’m trying to make a point). He’s got the best credit profile a lender could imagine, yet the house appraises for $175,000. Deal or no deal? You better believe it’s no deal. The sales price will have to be lowered, or Mr. Gates will just have to pay cash for his new home (you think he can afford it?). The point is, your average Joe won’t go ahead with the deal without a price adjustment, and he will be obligated to pay for the appraisal regardless of the outcome of value.

Dan Tyrell, principal of Knoxville area’s Tyrell Appraisal Service, Inc., has this comment about value, “When determining value of a single family house, beauty is more than ‘skin deep’. Fresh paint, new carpet, new appliances, and nice landscaping all enhance the marketability of a house. Not so obvious items also impact the appraised value of a house. For instance older houses that have replaced plumbing/electrical systems, updated HVAC systems, newer roofs, replacement windows, etc. lower the effective age of the property which in turn increases the appraised value.”

There are other types of appraisals that are not as common, like an Automated Valuation Model (or AVM). In this case, different factors combine to ensure the value of the home (it’s worth $200K, but your loan amount is only $100K) and your unbelievable credit worthiness (800 credit score!), allowing you to skip purchasing a typical appraisal. You may also only be required to get a “drive by” appraisal, where the appraiser just inspects the exterior of the subject for size, looks at the lot and makes you wonder who that person standing by your mailbox is.

Most lenders control what appraiser is used to determine the value of your home. After all, it’s their money on the line. The appraisal is such an important factor to the mortgage transaction – make sure you’re satisfied with the results. Your lender will make sure it is satisfied!

As a home buyer, what house closing documents do I get at a house closing?

Assuming no mortgage is involved, what house closing documents am I supposed to get at a real estate home / condo purchase closing?

What documents do I sign?

Which ones prove that I now own the property?

And if a wire transfer is involved, does the fact that the title / escrow company has disbursed funds to seller mean I know legally own the property and title is clear (title insurance bought) and title company has already recorded new owner with government agencies?